Question: What If I Change My Mind?

Karen so many folks do think once they sign the contract that is it - signed, sealed and it's their home no matter what.  Great post explaining that buying a home is a series of choices. Kind of like going through a bunch of gates and saying open or no keep it closed.

Karen, I tell my buyers that they can get out of it easily during the first week or so.  After that, they'll have to move to France to get away from the deal, and even then, they're likely to lose at least part of their earnest money deposit.   Ah, the importance of being earnest!

Karen, having a buyer write up an offer thinking that they want to back out is never a positive. Having them write up an offer knowing that there are ways to resolve issues including rescinding the contract without penalty comes off more positive and lets them understand that they are making a big decision.

Hello Karen,  Great blog and something that buyer talk about all the time. 

I have Sellers do a Home Inspection up front to avoid a problem later. Works well for me. Cancellations almost never.

I recently had that question from a panicky buyer long after the option period was over and inspections and repairs were complete.  When he didn't like my answer of... well who knows if the seller will accept your EM as damages instead of suing you for specific performance.... Call the closing attorney....his feet warmed back up. 

Karen-this is excellent information especially for first time home buyers.  So many times the buyer's remorse comes because they feel that once they sign on the dotted line that's it, without any "what ifs".  

I share the contingencies, but never give my clients the impression that they can just get out of a deal because they have cold feet. Your list is reassuring to buyers.

When I worked with buyers (I mostly represent sellers now), I always assured them that they had contingencies to fall back on and they could cancel for any reason under paragraph 14b1 in the California purchase contract. I even circled it for them. When I told other agents I did that, they were shocked and said they never tell their clients that they can cancel. But for me it worked to disclose. I think they have a right to know, and it makes the whole process easier for them.

Thank you Karen.

This is a great read and it's so interesting to read about the different guidelines for many of the states around The USA. It would be particularly important to discuss the differences with folks that are moving in from out of state.

Thanks again and Cooper Jacobs wishes you the best in all your real estate activity.

What a great post explaining in a simple yet precise manner the process and the importance of contigencies. Thanks. Have a wonderful day.

Karen, even when all the answers say yes, buyers can get buyers remorse. The escape clauses go in time order and NORMALLY the worst that can happen is loss of earnest money or worst case suit for breach of contract with specific performance not being met. A contract is SERIOUS, not to be taken lightly, and it needs to be known that "technically" they cannot change their minds after a point of no return, without consequences. If they are too frightened to commit, maybe at this time they should not buy.

Karen: In this market of tight inventory, buyers can't help themselves, they keep looking even though they are under contract. But it's good to tell them when time is running out without it costing them. What they might forget is that as soon as an appraisal is ordered, they are on the hook for that expense.

The last question should be a "NO" and then you move forward ;-)  (Are there any HOA rules tha are unworkable).  There are always some revocations built in to the contract, but it's a "speak now or forever hold you peace" once those windows close . . . either that or walk away from the EM.  Great job pointing out some of the ways to work, or unwork the deal.

Karen - This is a great post that answers a question that comes up so often.

I even had a seller ask me yesterday while signing a counter offer, "When do we have to decide if we're going to take this."  I stopped and said, "you just did!"

Great post Karen.  Many of my buyers have the exact same question.                                                                                         

It seems home buyers, especially first time buyers get some comfort knowing that it is an option even if they don't want to take it.